Safety First Trust Principal-Protected Trust Certificates Linked TO A U.S.-Europe-Japan Basket Structured Product (AMEX:AKN)
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Akorn, Inc. (AMEX:AKN) today announced that it has
reached agreement with the Serum Institute of India on the terms for
the issuance of one million shares of Akorn's common stock at a share
price equal to $3.56, the closing price on September 7, 2006. The
final issuance of shares is subject to completion of documentation and
customary closing conditions. Serum advanced monies for this
transaction to Akorn on September 8, 2006.
Arthur S. Przybyl, President and Chief Executive Officer of Akorn
stated, "This equity investment by Serum serves to further solidify
our long term strategic partnership. Both companies intend to further
expand our business relationship in the near term. Additionally,
Akorn's Board of Directors intends to nominate Dr. Subash Kapre,
Executive Director with Serum Institute of India, for inclusion on our
Board.
"In October 2004, Akorn and Serum entered into an exclusive Drug
Development and Distribution Agreement for oncology and other
injectable products. Since that time, Serum has begun constructing a
dedicated manufacturing facility in Pune, India to support these
efforts and Akorn expects regulatory filings to commence in 2007.
"In April 2006, our two companies entered into a Memo of
Understanding to broaden our product development platform to include
biologics. We expect to finalize and enter into a Definitive Agreement
for biologic product development and distribution in the near future."
Cyrus S. Poonawalla, Ph.D., Chairman and Managing Director of
Serum Institute stated, "We are excited with this investment
opportunity, as it gives both our organizations a larger canvas to
develop and market a number of products for the American markets."
About Akorn, Inc.
Akorn, Inc. manufactures and markets sterile specialty
pharmaceuticals. Akorn has manufacturing facilities located in
Decatur, Illinois and Somerset, New Jersey and markets and distributes
an extensive line of hospital and ophthalmic pharmaceuticals.
Additional information is available at the Company's website at
www.akorn.com.
About Serum Institute of India, Ltd.
Serum Institute is the world's fifth largest vaccine manufacturer.
Its products are being exported to 137 countries across the globe.
Serum institute is now the largest producer of measles and DTP
vaccines in the world. An average of more than one out of every two
children in the world has received at least one vaccine from Serum
Institute. Additional information is available at the Company's
website at www.seruminstitute.com.
The securities offered in this placement have not been registered
under the Securities Act of 1933, as amended, or state securities
laws, and cannot be offered or sold in the United States absent
registration with the Securities and Exchange Commission (SEC) or an
applicable exemption from the registration requirements. As part of
the transaction, the company has agreed to file a registration
statement with the SEC covering the resale of the shares of common
stock issuable. This news release is neither an offer to sell nor a
solicitation of an offer to buy any of the securities discussed herein
and is being issued under Rule 135c of the Securities Act of 1933.
Materials in this press release may contain information that
includes or is based upon forward-looking statements within the
meaning of the Securities Litigation Reform Act of 1995.
Forward-looking statements give our expectations or forecasts of
future events. You can identify these statements by the fact that they
do not relate strictly to historical or current facts. They use words
such as "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," and other words and terms of similar meaning in
connection with a discussion of future operating or financial
performance. In particular, these include statements relating to
future steps we may take, prospective products, future performance or
results of current and anticipated products, sales efforts, expenses,
the outcome of contingencies such as legal proceedings, and financial
results.
Any or all of our forward-looking statements here or in other
publications may turn out to be wrong. They can be affected by
inaccurate assumptions or by known or unknown risks and uncertainties.
Many such factors will be important in determining our actual future
results. Consequently, no forward-looking statement can be guaranteed.
Our actual results may vary materially, and there are not guarantees
about the performance of our stock.
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forecasts only as of the date they were made and should not be relied
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forward-looking statements, whether as a result of new information,
future events or otherwise, even if our expectations or forecasts
change. You are advised, however, to consult any further disclosures
we make on related subjects in our reports filed with the SEC. In
particular, you should read the discussion in the section entitled
"Cautionary Statement Regarding Forward-Looking Statements" in our
most recent Annual Report on Form 10-K, as it may be updated in
subsequent reports filed with the SEC. That discussion covers certain
risks, uncertainties and possibly inaccurate assumptions that could
cause our actual results to differ materially from expected and
historical results. Such factors include, but are not limited to,
risks and uncertainties relating to the resolution of the FDA
compliance issues at our Decatur, Illinois manufacturing facility.
Other factors besides those listed there could also adversely affect
our results.